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The short-term outlook is bullish for Century Plyboards (I). The stock has risen 1.7 per cent on Thursday marks the end of the sideways consolidation that was in place since the last week of December. It also indicates that a fresh leg of upmove has begun. The stock has formed a strong base above ₹750.
Immediate resistance is at ₹810 which is likely to be broken in the coming days. Such a break can take Century Plyboards (I) share price up to ₹860-870 over the next two-three weeks. Traders can go long now. Accumulate on dips at ₹788. Keep a stop-loss at ₹755. Trail the stop-loss up to ₹812 as soon the stock moves up to ₹825. Move the stop-loss further up to ₹840 when the price touches ₹853. Exit the long positions at ₹865.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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